Massachusetts - Second Quarter 2008
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ECONOMIC INDICATORS
(Change from year ago, unless noted)
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|
Employment Growth Rates
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Q2-08
|
Q1-08
|
Q2-07
|
2007
|
2006
|
|
Total Nonfarm (share of trailing four quarter employment in parentheses)
|
0.5%
|
0.8%
|
1.1%
|
1.0%
|
1.1%
|
|
Manufacturing (9%)
|
-1.3%
|
-1.5%
|
-1.4%
|
-1.4%
|
-1.9%
|
|
Other (non-manufacturing) Goods-Producing (4%)
|
-2.1%
|
-0.6%
|
-3.7%
|
-2.8%
|
1.0%
|
|
Private Service-Producing (74%)
|
0.8%
|
1.1%
|
1.8%
|
1.5%
|
1.5%
|
|
Government (13%)
|
0.9%
|
1.1%
|
0.9%
|
0.9%
|
0.9%
|
|
Unemployment Rate (% of labor force)
|
4.7%
|
4.4%
|
4.5%
|
4.5%
|
4.8%
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|
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|
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Other Indicators
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Q2-08
|
Q1-08
|
Q2-07
|
2007
|
2006
|
|
Single-Family Home Permits
|
-39.2%
|
-38.1%
|
-21.2%
|
-23.6%
|
-19.4%
|
|
Multifamily Building Permits
|
74.8%
|
-59.2%
|
-50.2%
|
-35.5%
|
-2.7%
|
|
Home Price Index
|
-2.9%
|
-1.9%
|
-1.6%
|
-2.0%
|
1.5%
|
|
Nonbusiness Bankruptcy Filings per 1000 people (quarterly annualized level)
|
2.52
|
2.41
|
2.23
|
2.08
|
1.27
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BANKING TRENDS
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|
General Information
|
Q2-08
|
Q1-08
|
Q2-07
|
2007
|
2006
|
|
Institutions (#)
|
180
|
180
|
189
|
181
|
194
|
|
Total Assets (in millions)
|
247,369
|
254,299
|
254,862
|
238,036
|
244,693
|
|
New Institutions (# < 3 years)
|
3
|
2
|
2
|
2
|
2
|
|
Subchapter S Institutions
|
4
|
4
|
2
|
4
|
2
|
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|
|
|
|
|
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Asset Quality
|
Q2-08
|
Q1-08
|
Q2-07
|
2007
|
2006
|
|
Past-Due and Nonaccrual Loans / Total Loans (median %)
|
1.17
|
1.26
|
0.94
|
1.22
|
0.88
|
|
ALLL/Total Loans (median %)
|
0.86
|
0.86
|
0.88
|
0.85
|
0.88
|
|
ALLL/Noncurrent Loans (median multiple)
|
1.46
|
1.70
|
2.48
|
2.35
|
3.33
|
|
Net Loan Losses / Total Loans (median %)
|
0.01
|
0.01
|
0.01
|
0.02
|
0.01
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|
|
|
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Capital / Earnings
|
Q2-08
|
Q1-08
|
Q2-07
|
2007
|
2006
|
|
Tier 1 Leverage (median %)
|
9.69
|
9.79
|
9.75
|
9.79
|
9.59
|
|
Return on Assets (median %)
|
0.42
|
0.43
|
0.42
|
0.40
|
0.51
|
|
Pretax Return on Assets (median %)
|
0.56
|
0.57
|
0.61
|
0.57
|
0.73
|
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Net Interest Margin (median %)
|
3.03
|
2.98
|
3.01
|
3.01
|
3.20
|
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Yield on Earning Assets (median %)
|
5.70
|
5.88
|
6.05
|
6.08
|
5.83
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|
Cost of Funding Earning Assets (median %)
|
2.63
|
2.92
|
3.07
|
3.08
|
2.66
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Provisions to Avg. Assets (median %)
|
0.06
|
0.04
|
0.02
|
0.04
|
0.04
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Noninterest Income to Avg. Assets (median %)
|
0.43
|
0.44
|
0.45
|
0.46
|
0.39
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Overhead to Avg. Assets (median %)
|
2.68
|
2.65
|
2.69
|
2.68
|
2.66
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Liquidity / Sensitivity
|
Q2-08
|
Q1-08
|
Q2-07
|
2007
|
2006
|
|
Loans to Assets (median %)
|
69.9
|
69.0
|
69.9
|
70.6
|
69.9
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Noncore Funding to Assets (median %)
|
29.3
|
29.4
|
27.1
|
27.8
|
27.3
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|
Long-term Assets to Assets (median %, call filers)
|
37.2
|
36.0
|
34.9
|
35.3
|
33.5
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|
Brokered Deposits (number of institutions)
|
44
|
45
|
49
|
46
|
54
|
|
Brokered Deposits to Assets (median % for those above)
|
1.6
|
2.0
|
2.4
|
1.9
|
2.9
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|
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Loan Concentrations (median % of Tier 1 Capital)
|
Q2-08
|
Q1-08
|
Q2-07
|
2007
|
2006
|
|
Commercial and Industrial
|
26.1
|
26.6
|
25.1
|
24.3
|
22.3
|
|
Commercial Real Estate
|
181.6
|
175.2
|
169.1
|
177.3
|
165.8
|
|
Construction & Development
|
38.8
|
40.6
|
34.5
|
38.6
|
37.5
|
|
Multifamily Residential Real Estate
|
15.5
|
14.8
|
13.3
|
14.7
|
12.7
|
|
Nonresidential Real Estate
|
114.4
|
106.1
|
99.7
|
105.2
|
98.0
|
|
Residential Real Estate
|
436.4
|
417.9
|
413.7
|
415.0
|
410.7
|
|
Consumer
|
5.6
|
5.5
|
6.4
|
5.9
|
6.3
|
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Agriculture
|
0.0
|
0.0
|
0.0
|
0.0
|
0.0
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BANKING PROFILE
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